Capital account liberalization can have positive effects on a country's growth, but the impact varies depending on factors like time, measurement methods, and estimation techniques. Strong institutions, like a good rule of law, seem to enhance the benefits of liberalization. However, the relationship between liberalization and growth is not as clear in low-income countries. It's suggested that addressing macroeconomic imbalances before opening up the capital account may be beneficial. Overall, the evidence supports the idea that the effects of capital account liberalization depend on a country's specific circumstances and level of openness.